Biscot Road, Luton, Bedfordshire, LU3 1AH - Online Auctions

The property comprises a first floor studio flat situated within an end of terrace building arranged over ground and two upper floors. First Floor Studio Room with Kitchenette Bathroom Leasehold. The property is held on a 99 year lease from 1st November 2003 (thus approximately 77 years unexpired ). The rental income is expected at £1,000 per calendar month. When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. If you do not fully understand this process, please ask the auctioneers or a solicitor. £3,600 incl. VAT